Jumbo raises full-year profit forecast

Most Greek retailers are struggling with a deep recession but Jumbo, which runs 56 stores in Greece, Bulgaria and Cyprus, has improved its performance thanks to the launch of four new outlets since July last year.

The retailer now expects its net profit for the 12 months to end June to reach 95 million euros ($125 million), at the same level as the year before and ahead of its previous forecast of about 83 million euros.

The firm also announced a 2% rise sales in the first nine months of the year to 380 million euros but slightly cut its sales forecast for the full year to growth of 0-1% instead of 0-2% previously.